Sens. Menendez, Booker Announce SBA Disaster Loans will be Available in Southern NJ

Sens. Menendez, Booker Announce SBA Disaster Loans will be Available in Southern NJ

November 15, 2013

WASHINGTON, DC – U.S. Senators Robert Menendez (D-NJ) and Cory Booker (D-NJ) announced today the U.S. Small Business Administration (SBA) is making federal economic injury disaster loans available in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, Monmouth, Ocean, and Salem counties. The loans will be available to small businesses, small agricultural cooperatives, and non-profit organizations that have been economically damaged as a result of the excessive rain, related flooding, winds and hail from May 1 through Sept. 24, 2013 in southern New Jersey.

“These funds are an important step towards a speedy recovery for southern New Jersey communities affected by this year’s record-breaking rainstorms,” said Senator Menendez. “Small businesses continue to be the bedrock for our state’s economy, and these types of financial hardships should not slow down the driver of our economic growth. We will continue working to ensure that all New Jerseyans have access to federal programs that can provide additional assistance in our resilience and recovery efforts.”

“Access to these low-interest disaster loans can be a crucial hand-up for South Jersey small businesses that are still fighting to fully recover from weather-related damage and disruption,” Senator Booker said. “Small businesses create two-thirds of the net new jobs in America and employ half of our private work force. In New Jersey and across the country, they power communities and empower families. It’s important that federal assistance be there when our small businesses need help.”

SBA’s Economic Injury Disaster Loan (EIDL’s) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of the excessive rain, related flooding, winds and hail from May 1 through Sept. 24, 2013 in southern New Jersey. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website athttps://disasterloan.sba.gov/ela.

Qualifying applicants will be eligible for loans up to $2 million. Interest rates for non-profit organizations will be 2.875 percent and interest rates for small businesses will be 4 percent, with terms up to 30 years. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.